JERSEY GAINS IN DEVALUATION

Press, Volume CVIII, Issue 31623, 8 March 1968, Page 13

JERSEY GAINS IN DEVALUATION

Jersey Investments N.Z., Ltd, Wellington, earned $2843 in non-recurring income from the increase in overseas cash balances on devaluation, according to the accounts for the year to December 31.

As announced, a profit of $26,228 was made in tbe latest year, compared with a loss of $2490 the year before. The dividend was raised from 41 to 5 per cent and requires $2OOO more at $20,000. Earning Rates The earning rate on average shareholders’ funds is 5.9 per cent, while the rate on capital is 6 6 per cent Tbe latest profit is after receiving $2274 more for dividends at $21,354. Underwriting commissions and trading profits, less loss on subunderwriting commitment, is $8032 against a loss of $19,798 the year before. Shareholders' funds are

$65,235 higher at $481,433, and include steady ordinary capital of $400,000. Capital Reserves Capital reserves are $65,470 higher at $81,424. This is from the sale of fixed assets, an increase in the value of overseas cash balances, and the increase in value of investment in the subsidiary. Investments in listed companies at cost are $7406 higher at $386,522, while their market value is $37,726 higher at $418,090. The portfolio of investments shows that on a market value, 51.7 per cent is in New Zealand shares, while 48.3 per cent is in Australian.